November 22, 2008

Obama Weekly Address: November 22nd

The news this week has only reinforced the fact that we are facing
an economic crisis of historic proportions. Financial markets faced
more turmoil. New home purchases in October were the lowest in half a
century. Five-hundred-forty-thousand more jobless claims were filed
last week, the highest in 18 years. And we now risk falling into a
deflationary spiral that could increase our massive debt even further.

While I’m pleased that Congress passed a long-overdue extension of
unemployment benefits this week, we must do more to put people back to
work and get our economy moving again. We have now lost 1.2 million
jobs this year, and if we don’t act swiftly and boldly, most experts
now believe that we could lose millions of jobs next year.

There are no quick or easy fixes to this crisis, which has been many
years in the making, and it’s likely to get worse before it gets
better. But January 20th is our chance to begin anew — with a new
direction, new ideas, and new reforms that will create jobs and fuel
long-term economic growth.

I have already directed my economic team to come up with an Economic
Recovery Plan that will mean 2.5 million more jobs by January of 2011 —
a plan big enough to meet the challenges we face that I intend to sign
soon after taking office. We’ll be working out the details in the weeks
ahead, but it will be a two-year, nationwide effort to jumpstart job
creation in America and lay the foundation for a strong and growing
economy. We’ll put people back to work rebuilding our crumbling roads
and bridges, modernizing schools that are failing our children, and
building wind farms and solar panels; fuel-efficient cars and the
alternative energy technologies that can free us from our dependence on
foreign oil and keep our economy competitive in the years ahead.

These aren’t just steps to pull ourselves out of this immediate
crisis; these are the long-term investments in our economic future that
have been ignored for far too long. And they represent an early down
payment on the type of reform my administration will bring to
Washington — a government that spends wisely, focuses on what works,
and puts the public interest ahead of the same special interests that
have come to dominate our politics.

I know that passing this plan won’t be easy. I will need and seek
support from Republicans and Democrats, and I’ll be welcome to ideas
and suggestions from both sides of the aisle.

But what is not negotiable is the need for immediate action. Right
now, there are millions of mothers and fathers who are lying awake at
night wondering if next week’s paycheck will cover next month’s bills.
There are Americans showing up to work in the morning only to have
cleared out their desks by the afternoon. Retirees are watching their
life savings disappear and students are seeing their college dreams
deferred. These Americans need help, and they need it now.

The survival of the American Dream for over two centuries is not
only a testament to its enduring power, but to the great effort,
sacrifice, and courage of the American people. It has thrived because
in our darkest hours, we have risen above the smallness of our
divisions to forge a path towards a new and brighter day. We have acted
boldly, bravely, and above all, together. That is the chance our new
beginning now offers us, and that is the challenge we must rise to in
the days to come. It is time to act. As the next president of the
United States, I will. Thank you.